This systematic review explores the effects of vegetarian diets on the physical and mental well-being of health sciences students, a demographic known for high academic and psychological stress. We conducted a comprehensive search across major databases, adhering to Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) guidelines, and identified 22 relevant studies. Our findings suggest that vegetarian diets are associated with lower incidences of chronic diseases such as coronary heart disease and obesity and promote better cardiovascular and metabolic health outcomes compared to non-vegetarian diets. Notably, vegetarian students could display lower systolic blood pressure and waist circumferences. Contrary to the positive physical health outcomes, the review presents mixed results concerning the mental health impacts, with some studies indicating no significant effects and others suggesting potential risks for increased anxiety and disordered eating behaviors. The review underscores the need for further research into the nuanced impacts of vegetarian diets on this specific population, suggesting that while the physical health benefits are evident, the psychological effects require deeper investigation to fully understand their scope and mechanisms.